Nifty rallied further with moderate volumes and +ve breadth. Important points for today.
1.Nifty up by 1.6% with 2.6 breadth.
2.202nd day since the highs of 6338,2nd day since the lows of 4720.
Nifty's rally today makes a strong case that medium term bottom of Nifty is in Place.Monthly range for August is 831 points.Quarterly range till today is 1020 points.September is the month of high Volatility but since August has seen big range, I expect that September would be relatively muted ie 500-600 points.I expect upward bias of Nifty for the month of September.
Tuesday, August 30, 2011
Monday, August 29, 2011
Aug29 Update
Nifty made a big bounce today with low volumes and +ve breadth.Important points for today.
1.Nifty up by 3.65% with 5.0 breadth.
2.135th day since the lows of 5177,201st day since the highs of 6338.
Nifty had a big bounce today.If Nifty firms up further in next 2 days,then Nifty has made a medium term bottom here and is headed up.I would expect this rally to last around Diwali.Since this is the 3rd quarter of the year,I think Nifty has likely made the 2nd big move of this year and is nearly 80-90% of the range of this year.
1.Nifty up by 3.65% with 5.0 breadth.
2.135th day since the lows of 5177,201st day since the highs of 6338.
Nifty had a big bounce today.If Nifty firms up further in next 2 days,then Nifty has made a medium term bottom here and is headed up.I would expect this rally to last around Diwali.Since this is the 3rd quarter of the year,I think Nifty has likely made the 2nd big move of this year and is nearly 80-90% of the range of this year.
Friday, August 26, 2011
Aug26 Update
Nifty came down below 4800 today with moderately low volumes and -ve breadth. Important points for today.
1.Nifty down by 2.0% with 0.21 breadth.
2.134th day since the lows of 5177,200th day since the highs of 6338.
Nifty closed below 4750 on weekly closing basis.Nifty has broken my viewpoint that 4800 will not be breached.I see Nifty is likely approaching capitulation point here.Confirmation of this should be there if Nifty does not gain downside momentum in next week.Monthly range till today is 831 points as against 287 points in July.
1.Nifty down by 2.0% with 0.21 breadth.
2.134th day since the lows of 5177,200th day since the highs of 6338.
Nifty closed below 4750 on weekly closing basis.Nifty has broken my viewpoint that 4800 will not be breached.I see Nifty is likely approaching capitulation point here.Confirmation of this should be there if Nifty does not gain downside momentum in next week.Monthly range till today is 831 points as against 287 points in July.
Thursday, August 25, 2011
Aug25 Update
Nifty slid down further erasing all the gains from the lows with moderate volumes and -ve breadth. Important points for today.
1.Nifty down by 1.0% with 0.5 breadth.
2.133rd day since the lows of 5177,199th day since the highs of 6338.
Nifty made a new closing low but not an intraday low.Downside momentum is slow now ,so any new lows tomorrow is likely to face bounce back.Nifty will show strength only above 4950-5000 levels.More time Nifty spends in 4800-5000 zone,stronger is going to be bounce after that.
1.Nifty down by 1.0% with 0.5 breadth.
2.133rd day since the lows of 5177,199th day since the highs of 6338.
Nifty made a new closing low but not an intraday low.Downside momentum is slow now ,so any new lows tomorrow is likely to face bounce back.Nifty will show strength only above 4950-5000 levels.More time Nifty spends in 4800-5000 zone,stronger is going to be bounce after that.
Wednesday, August 24, 2011
Aug24 Update
Nifty gave away some of the gains of last 2 days with low volumes and neutral breadth. Important points for today.
1.Nifty down by 1.2% with 0.7 breadth.
2.132nd day since the lows of 5177,198th day since the highs of 6338.
Nifty came down below 4900 today but the volumes were low indicating that the selling pressure has receeded. Nifty may move in sideways range from 4800-5200 for few days also.Since September is usually high range month,so I expect Nifty to pick upward momentum in next few days.
1.Nifty down by 1.2% with 0.7 breadth.
2.132nd day since the lows of 5177,198th day since the highs of 6338.
Nifty came down below 4900 today but the volumes were low indicating that the selling pressure has receeded. Nifty may move in sideways range from 4800-5200 for few days also.Since September is usually high range month,so I expect Nifty to pick upward momentum in next few days.
Tuesday, August 23, 2011
Aug23 Update
Nifty carried on with yesterdays gain with moderate volumes and +ve breadth.Important points for today.
1.Nifty up by 1.0% with 2.5 breadth.
2.131st day since the lows of 5177,197th day since the highs of 6338.
Today's move indicates to me that Nifty has put a short term bottom in place.I would expect that the upmove will last for few weeks time.Nifty's range for this week is 157 points till today.Nifty's first resistance point will throw more light on the possible legs of this upmove.
1.Nifty up by 1.0% with 2.5 breadth.
2.131st day since the lows of 5177,197th day since the highs of 6338.
Today's move indicates to me that Nifty has put a short term bottom in place.I would expect that the upmove will last for few weeks time.Nifty's range for this week is 157 points till today.Nifty's first resistance point will throw more light on the possible legs of this upmove.
Monday, August 22, 2011
Aug22 Update
Nifty bounced today and closed just below 4900 levels with ow volumes and +ve breadth. Important points for today.
1.Nifty up by 1.1% with 2.3 breadth.
2.130th day since the lows of 5177,196th day since the highs of 6338,1st day since the swing lows of 4796.
Nifty bounced today and closed in the gap of 4900-4930.Another day of upmove is needed to confirm todays upmove as sustainable for few more days.Nifty's monthly range is 755 points till today.If Nifty goes up for next few days then I don't expect Nifty to come down to retest the lows of 4800 levels anytime soon.
1.Nifty up by 1.1% with 2.3 breadth.
2.130th day since the lows of 5177,196th day since the highs of 6338,1st day since the swing lows of 4796.
Nifty bounced today and closed in the gap of 4900-4930.Another day of upmove is needed to confirm todays upmove as sustainable for few more days.Nifty's monthly range is 755 points till today.If Nifty goes up for next few days then I don't expect Nifty to come down to retest the lows of 4800 levels anytime soon.
Saturday, August 20, 2011
Aug19 Update
Nifty broke down below 4800 levels with moderately high volumes and -ve breadth. Important points for today.
1.Nifty down by 2.0% with 0.38 breadth.
2.129th day since the lows of 5177,195th day since the highs of 6338.
Nifty broke important level of 4800 intraday.Since 4700-4800 is important support level, I would look for Nifty's movement in this region to judge further direction.I see Nifty should pause/bounce from here and don't see further rout below 4800/4700 levels.With today's fall ,Nifty's monthly range is now 755 points and quarterly range is 944 points.
1.Nifty down by 2.0% with 0.38 breadth.
2.129th day since the lows of 5177,195th day since the highs of 6338.
Nifty broke important level of 4800 intraday.Since 4700-4800 is important support level, I would look for Nifty's movement in this region to judge further direction.I see Nifty should pause/bounce from here and don't see further rout below 4800/4700 levels.With today's fall ,Nifty's monthly range is now 755 points and quarterly range is 944 points.
Thursday, August 18, 2011
Aug18 Update
Nifty dropped down below 5000 levels and closed below it with moderate volumes and -ve breadth. Important points for today.
1.Nifty down by 2.2% with 0.26 breadth.
2.128th day since the lows of 5177,194th day since the highs of 6338,6th day since the lows of 4946(new low being formed today).
Nifty broke the earlier low of 4946 after 6 days.The downside momentum has slowed down for Nifty and is approaching important support level of 4700-4800.I don't expect Nifty to go sub 4800 level ,instead it could rise from here to the resistance level of 5300-5400 levels.
1.Nifty down by 2.2% with 0.26 breadth.
2.128th day since the lows of 5177,194th day since the highs of 6338,6th day since the lows of 4946(new low being formed today).
Nifty broke the earlier low of 4946 after 6 days.The downside momentum has slowed down for Nifty and is approaching important support level of 4700-4800.I don't expect Nifty to go sub 4800 level ,instead it could rise from here to the resistance level of 5300-5400 levels.
Wednesday, August 17, 2011
Aug17 Update
Nifty was sideways today with low volumes and -ve breadth. Important points for today.
1.Nifty up by 0.4% with 0.42 breadth.
2.127th day since the lows of 5177,193rd day since the highs of 6338,5th day since the lows of 4946.
Nifty is trading weak since last few days but is not breaking below 5000 levels.This looks like capitulating move sans price action to me.Here either Nifty could move up in st line from here or it could drop just below 5000 levels before starting its ascent.
1.Nifty up by 0.4% with 0.42 breadth.
2.127th day since the lows of 5177,193rd day since the highs of 6338,5th day since the lows of 4946.
Nifty is trading weak since last few days but is not breaking below 5000 levels.This looks like capitulating move sans price action to me.Here either Nifty could move up in st line from here or it could drop just below 5000 levels before starting its ascent.
Sunday, August 14, 2011
Aug12 Update
Nifty dropped down with moderate volumes and -ve breadth. Important points for today.
1.Nifty down by 1.3% with 0.67 breadth.
2.126th day since the lows of 5177,192nd day since the highs of 6338,3rd day since the lows of 4947.
Nifty after facing resistance at 5200 levels since few days dropped down after another attempt at 5200.Nifty may likely build a base around 5000 levels before it gains strength to go past 5200 levels.Nifty would face resistance at 5350 levels after 5200 and I expect Nifty to be in 5000-5350 range till August.
1.Nifty down by 1.3% with 0.67 breadth.
2.126th day since the lows of 5177,192nd day since the highs of 6338,3rd day since the lows of 4947.
Nifty after facing resistance at 5200 levels since few days dropped down after another attempt at 5200.Nifty may likely build a base around 5000 levels before it gains strength to go past 5200 levels.Nifty would face resistance at 5350 levels after 5200 and I expect Nifty to be in 5000-5350 range till August.
Thursday, August 11, 2011
Aug11 Update
Nifty moved in a range of 63 points with low volumes and neutral breadth. Important points for today.
1.Nifty down by 0.5% with 0.78 breadth.
2.125th day since the lows of 5177,191st day since the highs of 6338,2 days since the lows of 4947.
Nifty mad a weak attempt at 5200.Nifty would need momentum to go up from here and that should come if Nifty goes down and does not go below 5000 levels.Next few days should see narrow sideways range movement of Nifty with likely range of 5050-5300.
1.Nifty down by 0.5% with 0.78 breadth.
2.125th day since the lows of 5177,191st day since the highs of 6338,2 days since the lows of 4947.
Nifty mad a weak attempt at 5200.Nifty would need momentum to go up from here and that should come if Nifty goes down and does not go below 5000 levels.Next few days should see narrow sideways range movement of Nifty with likely range of 5050-5300.
Wednesday, August 10, 2011
Aug10 Update
Nifty bounced up and closed above 5150 with moderate volumes and +ve breadth. Important points for today.
1.Nifty up by 1.8% with 4.6 breadth.
2.124th day since the lows of 5177,190th day since the highs of 6338,78th day since the swing highs of 5906,37th day since the swing lows of 5195.
Nifty may have bottomed out yesterday at 4950 levels.Though reattempt is possible in coming days,but I think Nifty may now form a higher low and may not go sub 5000 levels in the reattempt.Nifty's likely range for this expiry should be 5000-5350/5400.
1.Nifty up by 1.8% with 4.6 breadth.
2.124th day since the lows of 5177,190th day since the highs of 6338,78th day since the swing highs of 5906,37th day since the swing lows of 5195.
Nifty may have bottomed out yesterday at 4950 levels.Though reattempt is possible in coming days,but I think Nifty may now form a higher low and may not go sub 5000 levels in the reattempt.Nifty's likely range for this expiry should be 5000-5350/5400.
Tuesday, August 9, 2011
Aug9 Update
Nifty opened gap down below 5000 levels but recovered from lower levels and closed above 5050 levels.Important points for today.
1.Nifty down by 0.9% with 0.38 breadth.
2.123rd day since the lows of 5177,189th day since the highs of 6338,77th day since the swing highs of 5906,36th day since the swing lows of 5195.
Nifty after opening deep in the red closed above the lows of yesterday.Nifty it seems is finding support at lower levels and is not closing at/around day's low since the last 3 days inspite of the big plunge.Today/this week Nifty should have a likely medium term bottom.I expect a rally after this to go above 5700-5750 levels in next few weeks.Nifty has likely completed Monthly range for the month of August with 604 points till today.
1.Nifty down by 0.9% with 0.38 breadth.
2.123rd day since the lows of 5177,189th day since the highs of 6338,77th day since the swing highs of 5906,36th day since the swing lows of 5195.
Nifty after opening deep in the red closed above the lows of yesterday.Nifty it seems is finding support at lower levels and is not closing at/around day's low since the last 3 days inspite of the big plunge.Today/this week Nifty should have a likely medium term bottom.I expect a rally after this to go above 5700-5750 levels in next few weeks.Nifty has likely completed Monthly range for the month of August with 604 points till today.
Monday, August 8, 2011
Aug8 Update
Nifty cracked down below 5100 levels but closed above it with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 1.8% with 0.23 breadth.
2.122nd day since the lows of 5177,188th day since the highs of 6338,76th day since the swing highs of 5906,35th day since the swing lows of 5195.
Nifty closed below the important level of 5200 and previous medium term low of 5177.Nifty's downside momentum looks moderate to me indicating that further fall may be limited.Today was 10th day since the swing highs of 5702 and 5th consecutive down day.5300-5350 should act as resistance on any bounce while on downside strong support comes in around 4700-4800.
1.Nifty down by 1.8% with 0.23 breadth.
2.122nd day since the lows of 5177,188th day since the highs of 6338,76th day since the swing highs of 5906,35th day since the swing lows of 5195.
Nifty closed below the important level of 5200 and previous medium term low of 5177.Nifty's downside momentum looks moderate to me indicating that further fall may be limited.Today was 10th day since the swing highs of 5702 and 5th consecutive down day.5300-5350 should act as resistance on any bounce while on downside strong support comes in around 4700-4800.
Saturday, August 6, 2011
Aug5 Update
Nifty cracked down today with high volumes and -ve breadth.Important points for today.
1.Nifty down by 2.3% with 0.17 breadth.
2.121st day since the lows of 5177,187th day since the highs of 6338,75th day since the swing highs of 5906,34th day since the swing lows of 5195.
Nifty closed just above 5200 after nearly touching 5100 levels earlier in the day.Since Nifty has decisively cracked down,it is likely to go down further.Today was 9th day since the swing highs of 5700+.I think Nifty may not go 100-200 points below 5100 from here.Monthly range till today is 435 points.
1.Nifty down by 2.3% with 0.17 breadth.
2.121st day since the lows of 5177,187th day since the highs of 6338,75th day since the swing highs of 5906,34th day since the swing lows of 5195.
Nifty closed just above 5200 after nearly touching 5100 levels earlier in the day.Since Nifty has decisively cracked down,it is likely to go down further.Today was 9th day since the swing highs of 5700+.I think Nifty may not go 100-200 points below 5100 from here.Monthly range till today is 435 points.
Thursday, August 4, 2011
Aug4 Update
Nifty fell hard today closing below 5350 with moderate volumes and -ve breadth. Important points for today.
1.Nifty down by 1.3% with 0.57 breadth.
2.120th day since the lows of 5177,186th day since the highs of 6338,74th day since the swing highs of 5906,33rd day since the swing lows of 5195.
Nifty is going down but lacks the big momentum to crack down to sub 5000 levels.Today was 8th day since Nifty reversed from 5700 levels.Unless Nifty drops in next 2-3 days,I think Nifty will go into upside sideways range between 5200-5600 till expiry.This month's range till today is 228 points.
1.Nifty down by 1.3% with 0.57 breadth.
2.120th day since the lows of 5177,186th day since the highs of 6338,74th day since the swing highs of 5906,33rd day since the swing lows of 5195.
Nifty is going down but lacks the big momentum to crack down to sub 5000 levels.Today was 8th day since Nifty reversed from 5700 levels.Unless Nifty drops in next 2-3 days,I think Nifty will go into upside sideways range between 5200-5600 till expiry.This month's range till today is 228 points.
Aug3 Update
Nifty was down and closed just above 5400 with low volumes and -ve breadth.Important points for today.
1.Nifty down by 0.95% with 0.63 breadth.
2.119th day since the lows of 5177,185th day since the highs of 6338,73rd day since the swing highs of 5906,32nd day since the swing lows of 5195.
Nifty was in a narrow range of 44 points though it was down by 52 points.This to me indicates divergence.So Nifty may pause here before moving down again.Weakness in Nifty persists and is likely to move further down either sharply or in staggered manner.
1.Nifty down by 0.95% with 0.63 breadth.
2.119th day since the lows of 5177,185th day since the highs of 6338,73rd day since the swing highs of 5906,32nd day since the swing lows of 5195.
Nifty was in a narrow range of 44 points though it was down by 52 points.This to me indicates divergence.So Nifty may pause here before moving down again.Weakness in Nifty persists and is likely to move further down either sharply or in staggered manner.
Tuesday, August 2, 2011
Aug2 Update
Nifty drifted down again and closed below 5500 levels with low volumes and -ve breadth.Important points for today.
1.Nifty down by 1.1% with 0.3 breadth.
2.118th day since the lows of 5177,184th day since the highs of 6338,72nd day since the swing highs of 5906,31st day since the swing lows of 5195.
Nifty's high today was below 5500 indicating that Nifty is weak.This weakness could trigger a sharp slide down in Nifty in next few days.Nifty bouncing from here looks less likely to me.Next couple of days should set the tone for Nifty outside of the sideways range of 5450-5750.
1.Nifty down by 1.1% with 0.3 breadth.
2.118th day since the lows of 5177,184th day since the highs of 6338,72nd day since the swing highs of 5906,31st day since the swing lows of 5195.
Nifty's high today was below 5500 indicating that Nifty is weak.This weakness could trigger a sharp slide down in Nifty in next few days.Nifty bouncing from here looks less likely to me.Next couple of days should set the tone for Nifty outside of the sideways range of 5450-5750.
Monday, August 1, 2011
Aug 1 Update
Nifty bounced mildly and closed above 5500 levels with low volumes and -ve breadth.Important points for today.
1.Nifty up by 0.65% with 0.63 breadth.
2.117th day since the lows of 5177,183rd day since the highs of 6338,71st day since the swing highs of 5906,30th day since the swing lows of 5195.
Nifty again closed above 5500 levels.Nifty still remains in sideways ranged between 5450-5750.July was compression month for Nifty being 287 points only.So I expect Nifty to expand this month probably around 500 points.For downside,I think this week and next are critical but if Nifty stays around these levels by next week,then It will likely go beyond 5700 levels after that.
1.Nifty up by 0.65% with 0.63 breadth.
2.117th day since the lows of 5177,183rd day since the highs of 6338,71st day since the swing highs of 5906,30th day since the swing lows of 5195.
Nifty again closed above 5500 levels.Nifty still remains in sideways ranged between 5450-5750.July was compression month for Nifty being 287 points only.So I expect Nifty to expand this month probably around 500 points.For downside,I think this week and next are critical but if Nifty stays around these levels by next week,then It will likely go beyond 5700 levels after that.
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